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Which Banks give the Best Personal Loans in UAE in 2022? Read This ASAP! 

Although there are many financial options available to consumers in the UAE, personal loans have emerged as one of the most popular forms of short term borrowing. We all look for personal loans in the UAE at some point in our life, whether it's for a vacation, a refurbishment, or any other reason. It is crucial to choose a lender that is reliable and provides you with a positive borrowing experience because there are many domestic and international banks operating in the UAE.

Thus in this blog, Dhanguard will ellaborate the following banks which offer a number of extra advantages in addition to lending money at cheap interest rates so that you can choose the best for yourself. So without any further ado, let’s learn!

Which are some of the best Personal Loans in the UAE? 

Some of the best personal loans in UAE are listed below-

CitiBank Personal Loan along with Salary Transfer

A salary transfer personal loan from Citibank is available at a fixed interest rate of 3.73 %. If you're seeking for a loan without having to transfer any of your salary,

 

  1. You can purchase one for discounts of between 14 and 30% 

  2. The required minimum monthly wage is AED 8,000. 

 

The other characteristics are as follows-

 

  • Obtaining loans up to 20 times your annual salary

  • Payments starting at AED 220 per month.

  • Tenors starting at six months and rising to forty eight months

HSBC Personal Loan

Based on decreasing balances, HSBC Bank offers loans. i.e., the interest is computed on the outstanding principal amount on a monthly basis. Only 5.99 % a year is the starting point for interest rates.

 

  1. AED 7,500 is the needed minimum yearly salary.

 

The other characteristics of an HSBC personal loan are as follows-

 

  • No need for credit life insurance

  • Online applications are accepted and approved in 10 minutes.

  • Rapid processing

Emirates NBD Personal Loan 

Emirates NBD offers salary transfer personal loans for expatriates at a flat rate of 2.9 % and declining rate of 5.49 %. You did read that correctly, we assure you.

 

  1. The minimum salary requirement is only AED 5,000. 

 

The other characteristics of an Emirates NBD personal loan are as follows-

 

  • For expatriates, the maximum loan amount granted is AED 2,000,000.

  • Free bank account with no minimum balance requirement

  • The longest possible tenure for a loan is 36 months.

First Abu Dhabi Bank Personal Loan

FAB Personal Loan interest rates can be as low as 3.99 percent. For consumers with a high profile, it can even fall to 2.09 %.

 

  1. A minimum salary requirement of AED 10,000 is also necessary.

 

The other characteristics of First Abu Dhabi Bank personal loan are as follows-

 

  • Straightforward paperwork and quick approvals

  • Complete coverage for personal life insurance

  • Flexible terms for repayment

Emirates Islamic Bank Personal Loan

The interest rate on personal loans from Emirates Islamic Bank is as low as 3.99 %. The bank requires a minimum monthly salary of AED 10,000 along with giving the following benefits:

 

  1. Up to 4 year’s worth of flexible and prolonged repayment terms

  2. An easy and rapid approval procedure

  3. High financial sum of up to AED 4,000,000 for UAE citizens and AED 2,000,000 for foreigners

Read More: UAE Non Resident Bank Account Opening Explained! Read Now and Start Yours

RAKBANK Personal Loan

For expatriates and UAE citizens, RAKBANK offers personal loans with flexible payback terms up to four years and moderate interest rates.

 

  1. Rates of interest begin at 5.99 %

  2. the 5,000 AED minimum monthly salary requirement.

 

The other characteristics of RAKBANK personal loan are as follows-

 

  • Top up loans are offered after one year.

  • Free personalized checks and a RAKBANK debit card

  • Free RAKBANK Credit Card with Low Interest Rates and No Annual Fee

Dubai Islamic Bank Personal Finance 

The Dubai Islamic Bank also provides a variety of additional personal loan products in the UAE at the most aggressive profit rates in addition to Sharia compliant personal finance.

 

  1. The profit percentages range from 11% to 20%.

  2. The salary required at DIB is one of the lowest at AED 3,000.

 

The other characteristics of Dubai Islamic Bank personal finance are as follows-

 

  • AED 2,000,000 for foreigners and AED 4,000,000 for UAE nationals is the maximum loan amount.

  • 48 month long tenure period

  • Low required minimum salary

Abu Dhabi Commercial Bank Personal Loan

ADCB offers both UAE residents and expats enticing financing solutions. For foreigners living in the UAE, flexible, affordable loans are provided.

 

  1. Starting at 4.99 % and going all the way up to 14 %, the interest rates.

  2. AED 6,000 is the required minimum salary.

 

The other characteristics of Abu Dhabi Commercial Bank personal loan are as follows-

 

  • Extensive repayment schedule

  • No cost life insurance on credit

  • No cost ADCB credit card

What are the benefits of taking a Personal Loan in the UAE?

  1. With low interest rates, these loans are adaptable. They often have a short repayment duration and you are free to repay them whenever you choose.

  2. The term "unsecured loans" is also sometimes used to describe them. This is due to the fact that you can use them for any purpose as they are not secured by any collateral. In the UAE, loans of this nature are rather common.

  3. Personal loans are the best solution for every necessity because they have cheaper interest rates.

  4. This debt can be repaid in a short amount of time. They're well-liked in the UAE as a result.

  5. A six month grace period or a five-year payback schedule are also possible. The payments do have a greater interest rate than those associated with other loans, even though you are not required to make them every month.

  6. Your aspirations might be funded quite effectively by getting a personal loan. They are the ideal solution for people looking for money for any purpose because of their low interest rates and accommodating repayment terms.

  7. They may be used for a range of things, including house renovations, automobile purchases, and other things as well.

  8. Unsecured loans have the added advantage of being convenient options for many UAE citizens because they are not backed by any assets. The best approach to receive the additional funds you require in the UAE may be through a personal loan.

  9. The loan can also be obtained in a number of different currencies, including Dirham. Despite the high interest rate, having extra money on hand for emergencies can be helpful. A personal loan from a UAE bank should be taken into consideration if you are moving there.

  10. The majority of banks in the UAE operate a lending programme for foreigners. These loans can be used for any purpose and come in a variety of currencies, including dirham.

  11. Personal loans are not only adaptable but also low interest and flexible repayment options. Due to the lack of a requirement for security, they are frequently referred to as unsecured loans.

Conclusion

This brings to a close our list of the top personal loans available in the UAE in 2022 along with their benefits. Keep in mind that it's crucial to compare a bank's interest rate with its processing charge and other amenities supplied. Consider them all collectively before choosing the personal loan that best meets your requirements. Thus we hope this blog provided you with insightful information. For more information on other related aspects, feel free to visit our Branch Office or our website as well.

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Frequently Asked Questions

Personal loans that are taken from banks are automatically insured at a nominal fee and in the event of any premature demise the partner insurance company covers the entire loan amount, protecting the family from any financial risk.

Assets are not required as security against your personal loan.

Normally, the only advance costs pertaining to a personal loan are dispensation and insurance fees.

According to the issuer's policy, some lenders enable the borrower to 'defer' or postpone a month's payment once every few months. To take advantage of these benefits, the borrower must make timely payments. Deferred payments do not reduce the principal amount, and hence will not lower the lowering personal loan interest rate in UAE.

Top-up or add-on personal loans are renewable loans that can be used to supplement an existing loan after the borrower has paid a certain number of payments. Top-up personal loans in the UAE are used to reward loyal, non-delinquent borrowers by providing longer tenors or reduced interest rates, depending on the bank's policy.

No, unless the bank expressly states otherwise or the student has a guarantor, a student cannot apply for this loan. The loan's eligibility restrictions include a minimum monthly salary and a maximum age range of 21 to 65 years. Some lenders may require a salary transfer and confirmation of employment with a lender-approved organization. However, some lenders offer personal loans in the UAE without requiring a company listing. As a guarantor, you can always apply for a student/education loan.

It would be up to you to decide. You should be informed that you must pay the loan's EMI from the beginning of the month, followed by the disbursal. You can take out a loan if you're confident that you'll be able to pay the monthly EMIs at the very least.

If you're having trouble paying your loan EMI, contact your bank to see if there's anything you can do. If you try to avoid the problem, it will only get worse. Banks will issue warnings before dispatching debt collectors. If you do not respond, they may designate you as a defaulter and may even take you to court for the unpaid personal loan in UAE. As a result, it is preferable that you call the bank and explain your circumstances. They may be able to lower your EMIs in some cases.

Almost all personal loans include a life insurance plan for applicants. This insurance coverage protects the borrower from having to make payments in the event of a fatal disease, permanent incapacity, or death. Some personal loans in Dubai also include life insurance plans that pay back the entire loan amount to the policyholder's family members in the event of the policyholder's death.

A personal loan can be used to pay off credit card debt. By consolidating the debt, the loan might assist in the payment of the credit card bill. When compared to credit cards, it has lower interest rates. Even if the applicant has a personal loan minimum wage of AED 2,000, you can return the loan in easy monthly installments over the following few years.

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